Wall Street analysts are bullish the move could pave the way for M&A and bring the industry a step closer to rationalization

NEW YORK (AP) — Warner Bros. Discovery will split into two public companies by next year, calving off cable operations from its streaming service as the number of people “cutting the cord” brings with it a sustained upheaval in the entertainment industry.

The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.